Hanoi (VNA🌼) - Experts have suggested that businesses should maximise the benefits of existing free trade agreements (FTAs) to reduce overdependence on a single market, thereby avoiding potential reliance on one market, and "trade shock" caused by shifts in trade policies.
The new tariffs imposed by US President Donald Trump on certain countries are expected to significantly impact imports into the US. As a result, experts have emphasised that in addition to meeting the high standards of foreign markets, effectively leveraging signed FTAs is a sustainable strategy to boost exports and minimise risks amid ongoing global trade disputes.
Proactive strategies to seize opportunities
Each year, Lam Viet JSC generates approximately 30 million USD in export revenue from wood and furniture products. CEO Nguyen Thanh Lam attributed this success to the company’s ability to meet stringent market standards, including raw material traceability, origin certification, and adherence to sustainability criteria.
Currently, Lam Viet’s products are primarily exported to the US, EU, and the UK. The company is also striving to be more flexible in seeking new orders and customers, Lam said.
According to the General Department of Customs, in 2024, two-way trade between Vietnam and the US exceeded 132 billion USD. Vietnam’s exports to the US neared 119 billion USD, marking a 23.3% increase from 2023, while imports from the US reached 13 billion USD, up 7.3%. Vietnam is now the US’s eighth-largest trading partner and fourth-largest export market within ASEAN. Meanwhile, the US remains Vietnam’s second-largest trading partner and top export market. Key Vietnamese exports to the US include footwear, wooden furniture, and machinery.
Experts have predicted that in 2025, Vietnam’s major export industries, such as garment-textiles, wood and wooden furniture, electronic machinery, and agricultural products, will have significant opportunities in the US market. The textile industry currently accounts for 40% of its total export revenue to the US. In 2025, it aims to earn more than 20 billion USD in exports, driven by rising demand for high-quality, eco-friendly products.
Similarly, the wood and wooden furniture sector, poised for strong growth, is expected to reach approximately 10 billion USD in 2025, marking a 20% increase from 2024. The growing consumer preference for sustainable and recycled furniture in the US remains a key driver. Additionally, high-tech products, such as electronic components and telecommunications equipment, are projected to contribute significantly to Vietnam’s total export revenue, with an estimated growth rate of 15-18%, fueled by production expansions by companies like Samsung, Intel, and LG.
Textile and garment enterprises ramp up production to fulfill partner orders. (Photo: VietnamPlus)
Pham Xuan Hong, Chairman of the Ho Chi Minh City Association of Garments, Embroidery, and Knitting, has seen promising prospects for Vietnam’s textile industry in 2025, especially with long-term orders secured through the second quarter. While US tariff policies on certain countries have disrupted global trade, they also present opportunities.
Demand for garments continues to rise. With positive achievements in the first quarter, the textile industry could see double-digit export growth this year, said Hong. However, he cautioned that to maintain sustainable exports, authorities and businesses must closely monitor supply chains to prevent foreign goods from transiting through Vietnam to avoid tariffs, which could jeopardise the credibility of "Made in Vietnam" products.
For the steel industry, the General Department of Vietnam Customs reported that Vietnam exported over 12.6 million tonnes of steel in 2024, generating more than 9 billion USD in revenue. The US accounted for 13.2% of the total volume and 14.5% of the value, reaching 1.67 million tonnes. Given the recent US tariff measures, the Vietnam Steel Corporation (VNSteel) has anticipated heightened competition from low-cost imports, while export constraints due to rising protectionist policies.
It is crucial to capitalise on multilateral and bilateral trade agreements to boost exports and alleviate domestic market pressures, a VNSteel representative said, suggesting the government strengthening diplomatic relations and trade negotiations with key partners to mitigate adverse tariff policies and market protectionism against Vietnamese goods.
Reducing overreliance on a single market
While Vietnam’s export potential to the US in 2025 remains substantial, Do Ngoc Hung, Head of Vietnam’s Trade Office in the US, warned that President Donald Trump’s new administration is expected to introduce significant political, economic, and financial shifts that could impact global and regional trade.
Achieving a balanced and mutually beneficial trade relationship is increasingly urgent. Vietnam must continue its efforts to fulfill market access commitments, address concerns raised by US businesses, and demonstrate its commitment to sustaining trade and investment ties between the two nations, Hung noted.
Economic expert Quang San noted that President Trump’s tariff policies focus on increasing import duties. In his first term, he imposed tariffs on certain countries, and his second term is likely to see even stronger tariff measures.
He also highlighted the increasing number of US anti-circumvention investigations. If Vietnam fails to rigorously control foreign goods from rerouting through its supply chains, San said, the consequences could be severe, not just in terms of punitive tariffs but also damage to the credibility and brand of Vietnamese exports.
San urged businesses to comply with the quality and standards of importers while enhancing competitiveness. He also called on competent agencies to pay more attention to investment to strengthen bilateral economic ties.
Workers process seafood for export. (Photo: VietnamPlus)
According to economist Dinh Trong Thinh, the US remains Vietnam’s largest export market, accounting for 30% of the country’s total exports. Any changes in US trade policies regarding Vietnamese imports could have significant repercussions.
To maintain export momentum, Thinh suggested diversifying export markets by leveraging 16 FTAs to which Vietnam is a signatory, in order to enhance export value and explore new markets. Reducing overreliance on a single country will help mitigate risks associated with trade policy shifts. He also urged relevant agencies to consider increasing imports of US machinery, advanced technology, and consumer goods, including aircraft and civilian vehicles, to balance trade relations.
In the current global landscape, economic experts believe that with a solid foundation from the Comprehensive Strategic Partnership and opportunities from global trade trends, Vietnam’s exports to the US in 2025 will not only generate substantial economic benefits but also reinforce the country's role in global supply chains. By effectively capitalising on opportunities and addressing challenges, Vietnamese businesses can achieve significant progress in Vietnam-US trade cooperation./.
Vietnam recorded a trade surplus of 3.03 billion USD in January, despite overall trade activity showing signs of contraction, according to data released by the General Statistics Office on February 6.
China - Vietnam's economic ties have flourished, with bilateral trade and investment growing rapidly. In 2024, trade reached 260.65 billion USD, up 13.5% from the previous year, while Vietnam is also an important destination for Chinese investors.
Import-export activities at Lao Bao and La Lay international border gates in the central province of Quang Tri have experienced a sharp rise in the early days of the Lunar New Year, indicating a positive economic outlook for 2025.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
